03:59 AM EST, 12/19/2024 (MT Newswires) -- (Upgrades with the stock move in the headline and the first paragraph.)

Micron Technology's ( MU ) shares were down more than 16% in premarket activity on Thursday after the company reported overnight fiscal Q2 earnings and revenue guidance that missed the market's expectations.

The company reported fiscal Q1 non-GAAP earnings late Wednesday of $1.79 per diluted share, swinging from a loss of $0.95 a year earlier.

Analysts polled by FactSet expected earnings of $1.76.

Revenue for the quarter ended Nov. 28 rose to $8.71 billion from $4.73 billion a year earlier.

Analysts surveyed by FactSet expected $8.71 billion.

The chipmaker expects fiscal Q2 non-GAAP earnings per share of $1.43, plus or minus $0.10, and revenue of $7.9 billion, plus or minus $200 million. Analysts surveyed by FactSet project EPS of $1.91 on revenue of $8.94 billion.

Price: 87.12, Change: -16.78, Percent Change: -16.15